Citizens Bank and Trust v. Gibson Lumber Co.

MEMORANDUM OPINION

BOYCE F. MARTIN, Jr., Circuit Judge, Sitting by Designation.

This is a review of a decision of the bankruptcy court. The first issue is whether or not omnibus clauses are effective in Kentucky when used to describe general types of collateral in security agreements. The second issue is, given that an omnibus clause may be effective, whether it remains effective against certain specific collateral that is not listed on a schedule of specific items of collateral which is also part of the security agreement.

On December 31, 1982,' Gibson Lumber Company granted a security interest…